Korean Blockchain Firm Lambda256 Secures $60M in New Funding

by Gordon James

A Korean blockchain startup, Lambda256 that is developing a smart contract platform for gaming has secured $60 million in new funding. The company was able to secure the funds from investors like ICON Foundation and Blocko Capital.

The Korean Blockchain Company has raised $60 million in a new round of funding to continue their work developing blockchain technology. The company is led by CEO and co-founder, Won Sul Kim.

Blockchain technology is the next big thing in the world of finance. It has been utilized by many different companies and organizations, but none more than Lambda256. The Korean blockchain firm secured $60M in new funding to continue their growth. Read more in detail here: what’s blockchain.

Korean Blockchain Firm Lambda256 Secures $60M in New Funding

 

Lambda256, the blockchain branch of major Korean finance business Dunamu, has secured $60 million in a Series B investment, raising the total value of the company to over $300 million.

The company is concentrating on enterprise-grade blockchains for enterprises and is developing its own blockchain protocol, Luniverse.

The Round of Funding

Hanwha Systems, Yanolja, Daelim, DSC Investments, Shinhan Venture Capital, KB Investments, and SBI Investments were among the leading Korean venture capital companies and private investors that participated in the investment round. Dunamu was also a part of the fundraising round. 

Lambda256’s CEO is Jay Jaehyun Park.

“With the money, we’ll be able to broaden our talent pools and accelerate our blockchain roadmap into other global ecosystems,” says the company. 

The additional financing will be used to strengthen the company’s efforts in the Blockchain-as-a-Service (BaaS) space. With its Luniverse blockchain, it has already worked with over 3,300 corporate customers to create, implement, and operate blockchain networks at scale. 

New investors Daelim, Shinhan Venture Capital, KB Investments, and SBI Investments are customers and partners for various solutions. DID, a blockchain-based digital identity management system, and Luniverse NFTs, a system for maintaining and minting NFTs, are two examples. 

The startup began as a blockchain research and development arm of Upbit operator Dunamu in May 2018. It delivers enterprise-grade chains created for corporations and aids organizations in preparing for future technologies with blockchain. 

Lambda256 has announced the implementation of its patented NFT technology for Upbit NFT, a greener alternative to NFTs. VerifyVASP, a regulatory-compliant system aimed at assuring data integrity via full-scale compliance for VASPs and consumers, was introduced in August 2021. 

Luniverse’s Place in the Blockchain World

Luniverse by Lambda256 has established itself as a pioneer in the blockchain arena, enabling a wide range of solutions for enterprises of all types. The Indonesian Rupiah-based stablecoin (IDRT) project, Gluwa, a borderless financial network, Milk, a blockchain-based loyalty rewards program, Division Network, a metaverse platform, and Stockplus, Dunamu’s private share trading platform, are just a few of them. 

“The usefulness of blockchain in assisting firms in building trust and transparency with consumers across ecosystems is now a foregone conclusion,” Park added. “The current round of funding is a tribute to the innovative technology we’ve developed.” We’re on a clear route to widening talent pools and advancing our blockchain strategy into multiple global ecosystems now that we’ve received money.”

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